Mercado Bitcoin says phased reopening to begin Monday, will cover losses

Brazilian crypto exchange Mercado Bitcoin said it will begin restoring customer account access Monday after a hack that blockchain analysts estimated resulted in more than $46 million in stolen assets.

In a statement to Cointelegraph, Mercado Bitcoin said customers would initially regain access through its website to view balances, statements, holdings and investments. Transfers, withdrawals and trading will resume in later phases, subject to independent security testing.

Mercado Bitcoin also pledged to use company funds to replenish assets affected by the breach, saying more than $15 million in stolen funds had already been frozen with help from the industry.

“Our trading desk is preparing to begin the necessary repurchases in domestic and international markets,” it said.

The update follows the exchange’s disclosure of a security breach on Monday, which saw attackers transferring funds from the company’s hot wallets and customer deposit addresses through standard transfers.

Addressing liquidity, Mercado said it had a strong cash position, bolstered by a $20 million investment from stablecoin issuer Tether to support operational expansion.

Related: Mercado Bitcoin wallets show post-hack transfers after $46M theft